Binance CEO Richard Teng Faces Community Criticism Despite Reaffirming Platform’s Vision
Richard Teng, CEO of Binance—the world’s largest cryptocurrency exchange—recently addressed the global crypto community in a statement posted on his X (formerly Twitter) account. While many users responded positively, the post also drew notable criticism from some in the community regarding Binance’s service quality and policies.
Binance’s Commitment to “Freedom of Money”
In his message, Richard Teng reiterated Binance’s long-term vision, emphasizing the platform’s commitment to “support the freedom of money globally.” He stated that Binance aims to empower people to “use their money how and where they wish” and remains dedicated to making that a reality.
User Criticism Highlights Service Concerns
Despite the supportive comments, several users openly expressed dissatisfaction in the replies. One X user, Nazeer Ahmed, raised concerns that Binance might be leveraging user funds to influence the market, warning that customer crypto “shouldn’t end up in CEOs’ pockets while users suffer.”
Another user criticized extended waiting periods for cryptocurrency transfers, citing a 48-hour delay as “contrary to the speed and logic of cryptocurrency.” These criticisms point to ongoing user experience issues even as Binance promotes its broader mission.
Changpeng Zhao (CZ) Points to Unrealized Crypto Potential
Earlier in the week, Binance co-founder and former CEO Changpeng Zhao (CZ) also made headlines with his own posts on X. CZ responded to followers asking about the next big opportunities in crypto, advising them to focus on sustainable growth rather than chasing high-risk, overnight schemes.
On January 4, CZ tweeted that the current crypto market is still “tiny” compared to the “huge” and “unrealized” potential of blockchain technology. He signed off with his well-known optimistic closing: “Just the beginning.”
**Why This Matters for Crypto Users
The contrast between Binance’s leadership promoting a vision of financial freedom and users reporting practical frustrations highlights a significant challenge for major crypto exchanges: aligning user experience with company philosophy. As Binance continues to operate under regulatory scrutiny and market competition, addressing community feedback will be essential for maintaining trust and growth.